Hi guys. Hope you’re all enjoying your weekends. I write at you today seeking advice. I’ve been intrigued by TD Bank since coming to New York because of their long weekday hours and long(er) Saturday hours. However, because of their actually free coin sorting, I’m starting to get pushed over the top. Right now I already have the following:
- My primary bank, which has no branches, but amazing phone and internet customer service
- A primary local bank to make deposits
- A high(er) interest account to stash my emergency fund
I can think of some reasons why I wouldn’t want to have too many bank accounts:
- Chexsystems tracks bank account applications and I might start getting rejected or worse, have a SAR opened up on me (FinCEN explanation)
- Banks generally do a hard credit pull when opening an account, so that hurts the old credit score
- Having to keep a minimum to avoid monthly fees means I’m more spread out
- My brain gets more spread out from having to think about multiple accounts (sites like Yodlee and Mint can help with this though)
However at the number of accounts I have, I’m not too worried about any of these.
Alright guys, did I miss any reasons? How many do you have and have you faced adverse actions for your prolific account opening ways?